Living, Revocable or Family Trusts – Our firm regularly utilizes revocable trusts as part of a client’s estate planning. One goal of a revocable trust is to avoid the costs and delays of the probate process. The revocable trust, if drafted correctly, also helps utilize important estate tax exemptions which dramatically reduce or eliminate federal estate taxes for heirs. The revocable trust can also be drafted to protect the assets being transferred to beneficiaries from beneficiaries ex-spouses, creditors or a beneficiaries' own improvidence.
Emergency Documents – In the event a person becomes incapacitated, it is important to have a number of legal documents in place so that bills can be paid, finances managed prudently, and health care decisions made by the right people. Our firm prepares the following documents for clients so that emergency situations can be handled carefully: Power of Attorney, Financial/Legal Power of Attorney, Health Care Power of Attorney, Living Wills, and HIPAA Release & Authorization.
Wills – The Will is an important legal document in which a person can designate the following details:
- Designation of the Guardian for minor children
- Who inherits property
- Funeral wishes
- Designation of a personal representative
Asset Protection – In a litigious society it is important to protect the assets you have accumulated. Our firm helps clients protect their assets through various legal strategies including the following:
- State law exemptions, including the Homestead Exemption
- Retirement plans
- Business Entities (Limited Liability Companies, Corporations,and Limited Partnerships)
- Irrevocable Trusts, including:
-- Nevada Asset Protection Trusts
-- Gifting Trusts
-- Dynasty Trusts
-- Off-Shore Trusts
Advanced Estate Tax Planning – As part of our estate planning services, we particularly focus on the estate tax planning. Currently the United States federal estate tax rates run from 41% to 45%. (These rates are much higher than the income tax rates) Since we all pay taxes on assets as they are earned, we like to assist clients in avoiding this second tax known as the estate tax or death tax. We regularly utilize strategies to avoid the estate tax including the following:
- Gifting Strategies
- Irrevocable Life Insurance Trusts
- Grantor Retained Annuity Trusts
- Sales Transactions to Defective Grantor Trusts
- Dynasty Trusts (GST Trusts)
- Charitable Trusts
- Gifts/Sales of Business entities to children
- Charitable Foundations
Probate – When a loved one passes away, it is an emotional time. It is a very difficult time to deal with financial and legal issues. Our firm assists family members, personal representatives and beneficiaries with all aspects of the probate process.
Trust Administration – Our law firm assists individual and corporate trustees with various aspects of Trust Administration.
Business Succession Planning – When a business owner retires, becomes disabled or passes away, it is important to have a succession plan to insure the stability of the business. Our firm advises business owners regarding buy-sell agreements and succession plans.
Read more on the Basics of Estate Planning